Disclosure of assessee information to Income Tax. CBDT notifies four more bodies u/s 138

Disclosure of assessee information to Income Tax Department. CBDT notifies four more bodies u/s 138 i.e. Cabinet Secretariat, IB, NCB & NIA

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 52/2020

New Delhi, the 21st July, 2020

S.O. 2411(E).—In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government hereby specifies the following bodies/agencies for the purposes of the said clause.

1. Cabinet Secretariat
2. Intelligence Bureau
3. Narcotics Control Bureau
4. National Investigation Agency

[F. No. 225/53/2020-ITA.II]

RAJARAJESWARIR., Under Secy.(ITA-II), CBDT

Download Notification Click Here >>

• Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information
• Mutual Funds to value physical Gold and Silver by using the polled spot prices
• SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor
• Merely because sales were declared for only one month, same cannot be treated as bogus
• ITAT deleted addition as method of accounting had been accepted in earlier years